27%By Dennis McCafferty
Succession Planning: A Corporate Time Bomb
31%31% of respondents say their company doesn't have a succession planning program.
50% of respondents who are senior managers (CEO, CFO, senior VPs) say their companies don't currently have a successor designated for their role.
52% of respondents in VP roles don't currently have a successor designated for their role.
27% of respondents say their companies have been adversely impacted financially because of poor succession planning or a lack of it.
28% of respondents say the recession has served as an obstacle to effective succession planning.
Top 3 shortcomings of succession planning today (percent respondents)
1. Not enough opportunity for employees to learn beyond their current roles (39%)2. Process isn't formalized (38%)3. Not enough investment in training/development (33%)
49% of respondents say their workers fail to set career paths with managers specifying timelines/milestoneshurting their own chances to take role in the succession/advancement process.